Philly Fed crushes expectations

The Philadelphia Fed's Manufacturing Business Outlook survey came in at 21.5 for December, making for the best print since November 2014.

The reading on the health of the manufacturing in and around Philadelphia crushed expectations. Economists surveyed by Bloomberg projected the reading to come in at 9.1.

This was an increase from November's reading of 7.6.

New orders fell by 5 points while shipments increased by 3 points. Both remained positive, indicating growth.

According to the release from the Philly Fed, forward outlook from firms remained positive.

"Firms' optimism about future manufacturing growth improved markedly this month," the release said. "Firms were much more optimistic about future employment as well as capital spending over the first half of next year."